Assume that you have purchased a new car and after your down payment, you borrowed $10,000 from a bank to pay for the car. Also assume that you have agreed to pay off this loan by making equal monthly payments for 4 years. Given that the annual interest rate is 11%, how much will be the payment each month? How much will be the payment if you want to pay all the rest of the loan at once at the beginning of third year?

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Q: An engineer plans to borrow $100,000 to open his own consulting business. He must repay $2,150 a…

A: using financial calculator, N = 5*12 =60 PMT = -2150 PV= 100,000 FV = 0

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A: The computation of monthly payments:Hence, the monthly payment is 212.66.

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A: Using excel PV function

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A: given, P = $32000 r=4.9% m =12 (monthly compounding) n = 10 year

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Q: Solve Problem 20.11 using Excel.

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A: Down payment = 20% Loan (L) = 80% of $176000 = $140800 n = 15 years = 180 months r = 8.2% per annum…

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Q: payment

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Q: If you borrow $30,000 from your dad for college and you agree to pay him back at 14% interest per…

A: GIVEN, LOAN (P)= $30,000 RATE(R) =14% MONTHLY INSTALLMENT(A)= $750 FREQUENCY OF COMPOUNDING (M) =12

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Q: what will be your monthly​ payment?

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